General Information
Dylogic Management Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 12014911, registration address Monkswell, Little Baldon, Oxford, OX44 9PU.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are not yet amortised as projects are still under development. Once the projects are complete, amortisation will be at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is capitalised as an intangible asset as the directors are satisfied as to the technical, commercial and financial viability of the project. Development expenditure will be amortised over 10 years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment |
3 years Straight Line
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Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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2. |
Average number of employees
Average number of employees during the year was 0 (2021 : 0).
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3. |
Financial Commitments, Guarantees and Contingencies
Bounce Back Loan over 10 years, 2.5% fixed interest rate, first year interest free. Government secured. Non current liability at year end £43,266, current liability £1,358. (2021: Non current liability £50,000).
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4. |
Intangible fixed assets
Cost |
Development Costs |
|
Total |
|
£ |
|
£ |
At 01 June 2021 |
33,394 |
|
33,394 |
Additions |
27,600 |
|
27,600 |
Disposals |
- |
|
- |
At 31 May 2022 |
60,994 |
|
60,994 |
Amortisation |
At 01 June 2021 |
- |
|
- |
Charge for year |
17,787 |
|
17,787 |
On disposals |
- |
|
- |
At 31 May 2022 |
17,787 |
|
17,787 |
Net book values |
At 31 May 2022 |
43,207 |
|
43,207 |
At 31 May 2021 |
33,394 |
|
33,394 |
|
5. |
Tangible fixed assets
Cost or valuation |
Computer Equipment |
|
Total |
|
£ |
|
£ |
At 01 June 2021 |
444 |
|
444 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 31 May 2022 |
444 |
|
444 |
Depreciation |
At 01 June 2021 |
234 |
|
234 |
Charge for year |
148 |
|
148 |
On disposals |
- |
|
- |
At 31 May 2022 |
382 |
|
382 |
Net book values |
Closing balance as at 31 May 2022 |
62 |
|
62 |
Opening balance as at 01 June 2021 |
210 |
|
210 |
|
6. |
Debtors: amounts falling due within one year
|
2022 £ |
|
2021 £ |
Trade Debtors |
3,384 |
|
0 |
Corporation Tax |
3,191 |
|
0 |
VAT |
0 |
|
67 |
|
6,575 |
|
67 |
|
7. |
Creditors: amount falling due within one year
|
2022 £ |
|
2021 £ |
Trade Creditors |
0 |
|
305 |
Bank Loans & Overdrafts (Secured) |
1,359 |
|
0 |
Other Creditors |
0 |
|
1 |
VAT |
49 |
|
0 |
|
1,408 |
|
306 |
|
8. |
Creditors: amount falling due after more than one year
|
2022 £ |
|
2021 £ |
Bank Loans & Overdrafts (secured) |
43,266 |
|
50,000 |
Directors' Loan Accounts |
29,272 |
|
27,900 |
|
72,538 |
|
77,900 |
|
9. |
Share Capital
Allotted, called up and fully paid
|
2022 £ |
|
2021 £ |
100
ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
2
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